de | cn | ru

OptionFX Review - is it scam or safe?

OptionFX review - Is optionfx.trade scam or good forex broker?

RATING: 1 / 7 REVIEWS ForexBrokerz OptionFX
OptionFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


OptionFX is an offshore forex and |CFD broker that says to be offering over 1000 assets, including forex pairs, precious metals, indices, stocks and crypt currencies with a web based trading platform and trading bonuses. 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Standard Account $200

n/a

n/a

 

Unfortunately OptionFX is not a regulated broker and that is why we have some serious concerns about their legitimacy. Before investing any of your funds with them be sure to read the following review.

 

OptionFX Advantages:

 

Supposedly a comprehensive selection of trading instruments

 

As we already noted OptionFX says to be offering over 1000 assets, including forex pairs, precious metals, indices, stocks and crypt currencies. But if you have decided to trade crypto assets, we would better suggest that you check our list of regulated brokers, trading with bitcoin CFDs:

 

 >>Bitcoin Forex Brokers<<

 

Acceptable minimum deposit requirement

 

200 USD for a trading account is a standard deposit that most other brokers also require. Still with some big names like FBS and IG you will have the chance to start trading with just 5 USD or even less.

 

OptionFX Disadvantages:

 

No license

 

OptionFX is owned and operated by Option Four Ltd., an offshore company based on the Marshall Islands. And as we already noted, they are not licensed and authorized to provide financial services on regulated markets like the European Union, the US, Canada, Australia or Japan. 

 

Bear in mind that proper regulation is the sole factor that will guarantee the safety of your funds. Brokers, regulated in the EU by the British Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) are required to follow strict financial and ethical rules, among which to maintain a minimum operational capital of no less than 730 000 EUR, to keep all clients funds separately, in a segregated, protected from creditors, trust account, to grant a negative balance protection, meaning that traders will not be losing more money than what they have invested, to file regular reports, to allow external audits, and even to insure some of the trading capital.

 

Thus with a FCA regulated broker for example, your funds will be covered by an insurance policy of up to 85 000 GBP. So here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Market maker offering portfolio management and investment advice

 

In their Terms and Conditions OptionFX acknowledge they act as market makers, which basically means they make money, whenever traders lose. And that would not have been a problem, if they were not offering certain investment services, as for example portfolio management and investment advice. See for yourself:

 

 

Obviously, if market makers manage your account, they will surely be in a conflict of interest, because they will have the incentive to lose your money for themselves.

 

Trading bonuses

 

OptionFX say they may grant you a trading bonus, and although that might sound attractive, this is another worrisome aspect about this broker. Trading bonuses always come with additional withdraw conditions, which too often are used as a pretext for canceling your withdraw requests. And here OptionFX are telling us exactly this:

 

 

What is more, as OptionFX reserves the right to change the bonus policy on their sole discretion, this means with a bonus you may never qualify for a withdraw.

 

Unusual fees

 

OptionFX says they will charge you a 1% withdraw fee (minimum 30 USD), on top of a 1% (again minimum 30 USD) dormant fee, if you have not traded for just 30 days. We should note that this is highly unusual. Bear in mind that legit brokers do not charge withdraw fees, while dormant fees might be applied only after a year of inactivity.

 

Also be aware that OptionFX says they will process your withdraw request within 7 business days, while legit brokers will do that within 24 hours.

 

No demo account available

 

Legit broker always let their customers taste their trading conditions with a demo account. Unfortunately with OptionFX we were not given that chance, so here we can not comment on their spreads. In any case, bear in mind that spreads are generally considered attractive only when they start below 1,5 pips. Besides, you may check as well our list of brokers offering tighter spreads:

 

 >> Lowest spread forex brokers<<

 

MetaTrader4 not available

 

OptionFX offers its customers a web based trading platform, which we were not able to see, because the broker does not support a demo account. In nay case, our experience shows that quite a few trading solutions can match the MetaTrader4 - by far the most popular trading platform on the market. 

 

MetaTrader4 comes with nearly one hundred integrated market indicators and modifiable trading robots, with the help of which one can easily run automated trading sessions. And because MT4 is equipped with an excellent set of advanced charting tools, here you may also check our list of brokers supporting the platform:

 

 >>MT4 Brokers<<

 

Skrill not available as payment method

 

On their homepage OptionFX displays the logos of popular e-wallets like Neteller, PayPal and Skrill, but as we proceeded with our registration it turned out the only payment methods available were bank wire transfer, bitcoins and credit cards like VISA and MasterCard. 

 

The absence of Skrill is worth mentioning because of the new anti scam policy adopted by the money transfer company back in October 2018. According to it Skrill partners only with licensed brokers, and as we already established OptionFX is not regulated. Here you may check our brokers,m accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

You can not trust OptionFX for one obvious reason – they are not regulated and that means they are totally unaccountable for the way they handle your money. So our advise here is to deal only with properly regulated brokers as the ones licensed and authorized by the FCA in the UK, CySEC in Cyprus or the Australian Securities and Investments Commission (ASIC) – the three most popular regulatory hubs in the industry.

Latest news about OptionFX
No news about OptionFX. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for OptionFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Problem z serwerem

Nie mogę wejść na stronę OptionFX.trade
A co za tym idzie nie mogę wycofać reszty swoich pieniędzy.
Co się dzieje?
Oszuści?

Translated by Google:

Server problem
I can't access OptionFX.trade
And as a result, I can't withdraw the rest of my money.
What's happening?
Scammers?

Mariola 01/08/2020

Please contact

Please contact me because I can not enter my account and secondly brober robbed me of money from the account promises something different and did something different Lukasz Markowski..

Lukasz Markowski 12/29/2019

OptionFX server issues - can't access

Where are they? I am unable to login in.

Nikola Rupić 12/20/2019

OptionFX doesn't reply to my emails or telephone calls since I requested a refund of my money

I opened an account with Optionfx.trade earlier this year.

I had a phone call in August from Richie Hart of OptionFX. He was very convincing and I decided I would try it.

I did check their website out online and I could not find anything to suggest that it could be a scam.

Then I had a phone call from Gavriel Arias, who introduced himself as my Financial Advisor. He was advising me about trading and I made some small profit. He convinced me to up my investment on an offer of risk free transactions. I lodged €3,000.00 on 09/08/2019 on the agreement that he would refund €400.00 every month to repay the loan. This did not affect me withdrawing my money if I decided to do that. He said I could withdraw my own money at any time.

Over the next weeks, I made some more profit. One risk free transaction made €745.00.

I then began to get suspicious because Gavriel was not keeping his appointments with me. Then I decided to withdraw my money.

On the 22nd Sept. 2019, I then made a request of €2.600.00 as I had received €400.00, as per agreement, on 20th Aug 2019. After this withdrawal of funds, I still would have over €1000.00 profit in my account.

I have not heard from them since despite sending them many emails

Patrick 11/05/2019

OptionFX is scam

My experience is just the same as the one of Mr Ian Murray-Watson.
That same guy Steve Miller (bastard!) made me loose 15,000€.
Verry sure that OptionFX is SCAM !
They don't even are worth 1 star.

MARCEL MAEREVOET 11/04/2019

Suspect total scam

I committed the minimum amount (£250.00 to this company. After making a small loss using auto-trading I was subjected to extremely hard selling by a man calling himself Steve Miller. He turned my small loss into a small profit then offered a risk free transaction which required me to invest more. This made a sunstantial profit. I was then subjected to more hard selling to try to persuade me to invest more. I decided to test the withdrawal mechanisms before proceeding. My first withdrawal went through OK. I then tried a second, withdrawing most of the funds (£1200). This withdrawl was stopped by Mr Miller on the extraordinary grounds that it would impact his own portfolio. Repeated requests to remove the block and 4 messages to so-called support were all ignored. I have copies of all emails and screenshots of the site.
As things stand I probably have to say boodbye to the £1200. Theft! A hard but perhaps useful lesson.

Ian Murray-Watson 10/31/2019
de | cn | ru